Bitcoin eyes $122K after wedge breakout, expected further rally
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Bitcoin continues to capture market attention as analysts suggest it could climb to $122,000 by February. Following a successful wedge breakout, the leading cryptocurrency shows resilience, bolstered by bullish technical patterns and robust market sentiment.
Retesting the wedge breakout
Bitcoin's recent move from $98,937 to over $107,000 signals a significant retest of the wedge breakout, according to Markus Thielen, head of research at 10x Research. He highlights this as a “low-risk, high-reward entry opportunity,” with traders able to position themselves for gains while mitigating downside risks with stop-losses set near $98,000.
This breakout aligns with Bitcoin’s recent pattern of advancing in increments of $16,000 to $18,000, suggesting potential upward momentum to $122,000 by February. Analysts note that surpassing the $106,000 threshold is crucial for sustaining the ongoing bullish trend.
Analysts project new heights
Bitfinex analysts echo Thielen’s optimism, emphasizing Bitcoin’s robust recovery and relative strength against traditional markets. They underscore Bitcoin’s ability to reclaim critical levels, solidifying confidence in its upward trajectory.
Keith Alan, co-founder of Material Indicators, points to the formation of a cup-and-handle pattern on the weekly chart as a key driver. He predicts Bitcoin’s rise to $122,000 and hints at the possibility of surpassing this milestone before retesting it as support.
Momentum beyond $122,000?
Thielen notes that Bitcoin’s rally may extend beyond $122,000 if the established pattern holds. Breaking past $106,000 remains pivotal, acting as a confirmation for further gains. Analysts highlight the ongoing influence of institutional adoption, with the approval of spot Bitcoin exchange-traded funds playing a significant role in the market's momentum
Outlook and risks
While optimism runs high, experts caution that Bitcoin’s consolidation phase could follow the predicted rally. The cryptocurrency remains sensitive to broader market dynamics and investor sentiment. As always, market participants are advised to conduct thorough research and exercise caution when trading.
Bitcoin’s performance in the coming weeks will be closely monitored, as it approaches levels that could redefine its position in the financial landscape.
Retesting the wedge breakout
Bitcoin's recent move from $98,937 to over $107,000 signals a significant retest of the wedge breakout, according to Markus Thielen, head of research at 10x Research. He highlights this as a “low-risk, high-reward entry opportunity,” with traders able to position themselves for gains while mitigating downside risks with stop-losses set near $98,000.
This breakout aligns with Bitcoin’s recent pattern of advancing in increments of $16,000 to $18,000, suggesting potential upward momentum to $122,000 by February. Analysts note that surpassing the $106,000 threshold is crucial for sustaining the ongoing bullish trend.
Analysts project new heights
Bitfinex analysts echo Thielen’s optimism, emphasizing Bitcoin’s robust recovery and relative strength against traditional markets. They underscore Bitcoin’s ability to reclaim critical levels, solidifying confidence in its upward trajectory.
Keith Alan, co-founder of Material Indicators, points to the formation of a cup-and-handle pattern on the weekly chart as a key driver. He predicts Bitcoin’s rise to $122,000 and hints at the possibility of surpassing this milestone before retesting it as support.
Momentum beyond $122,000?
Thielen notes that Bitcoin’s rally may extend beyond $122,000 if the established pattern holds. Breaking past $106,000 remains pivotal, acting as a confirmation for further gains. Analysts highlight the ongoing influence of institutional adoption, with the approval of spot Bitcoin exchange-traded funds playing a significant role in the market's momentum
Outlook and risks
While optimism runs high, experts caution that Bitcoin’s consolidation phase could follow the predicted rally. The cryptocurrency remains sensitive to broader market dynamics and investor sentiment. As always, market participants are advised to conduct thorough research and exercise caution when trading.
Bitcoin’s performance in the coming weeks will be closely monitored, as it approaches levels that could redefine its position in the financial landscape.